Dow signs LOI to take part in Skolkovo project in Russia

11:03 AM, 18th June 2011

ST PETERSBURG, RUSSIA: The Skolkovo Foundation and Dow Europe GmbH, wholly owned subsidiary of Dow Chemical Company, have signed a letter of intent to define steps for Dow’s participation in the Skolkovo project, which aims to become a science and technology complex in Russia for the development and commercialization of innovative technologies.

Both parties acknowledged that Dow’s efforts will be focusing on energy and infrastructure, aligned with and supporting the Skolkovo energy efficiency programme.

“Our goal is to expand business opportunities and to support Russia’s modernization agenda - with our existing state of the art facilities, innovative products and technologies and reliable partnerships that help to address key national priorities in Russia. Working with Skolkovo Foundation and the country’s top academic institutions gives Dow a broader access to Russia’s best talents and scientific minds and creates numerous opportunities for the country,” stated Kostas Katsoglou, President, Eastern Europe Growth Region, Dow.

“This agreement is of particular significance for the Skolkovo Foundation for a number of reasons. As a global leader in the chemical industry and a science-driven company, Dow will be an important partner in supporting and driving forward the Skolkovo energy efficiency programme,” commented Viktor Vekselberg, President of the Skolkovo Foundation.